Harvard Law Offers Analysis on Ripple Lawsuit Loss by SEC Amidst XRP Price Decline

The SEC vs Ripple case has emerged as a pivotal moment for cryptocurrency regulation both in the United States and globally.
Despite the recent bullish breakout in the crypto market, the case has kept XRP in a state of stagnation for several years.
The ongoing legal battle between the SEC and Ripple Labs has had a significant impact on the price of XRP, with other altcoins experiencing significant gains while XRP only saw a modest 20% increase before facing heavy liquidations on Friday.
According to price oracles, XRP’s value dropped by approximately 10% in the 24 hours leading up to Friday, trading at around 62 cents.
Recent developments in the SEC vs Ripple lawsuit have brought some relief to the Ripple community. District Judge Analisa Torres ruled in July of last year that XRP sold on centralized exchanges does not qualify as investment contracts and therefore does not violate securities laws. Additionally, the SEC dropped charges against Ripple’s top executives, including Brad Garlinghouse.
As previously reported by Crypto News Flash, all eyes are now on March 22 when the regulator is expected to issue crucial opening briefs on the proposed remedies for XRP. Ripple’s opposition brief is due on April 22, 2024, and the SEC’s reply brief is due on May 6, 2024, according to defense lawyer James K Filan.
The SEC vs Ripple case has also garnered attention in academic circles. The Harvard Law School Forum on Corporate Governance recently discussed the regulator’s focus on determining whether digital assets should be classified as securities and whether securities laws should be applied to crypto assets.
The court’s decision in this case will have a significant impact not only on the price of XRP but also on the entire altcoin industry. A recent study conducted by Consensys revealed that 42% of Americans believe strict regulation is necessary to prevent destabilization of traditional financial markets and protect investors.
Despite the challenges posed by the SEC vs Ripple lawsuit, XRP has managed to break out of a long-term downward trend. The current price action suggests that XRP may soon rally towards $1. With a fully diluted valuation of over $62 billion and an average daily trading volume of approximately $4.2 billion, XRP is widely traded as a commodity in most jurisdictions.
From a technical perspective, XRP is expected to find strong support around $0.5758, which aligns with the 78.6% Fibonacci retracement level. If Ripple emerges victorious in the upcoming trial, XRP could potentially experience a historic breakout and reach a new all-time high.
The outcome of the SEC vs Ripple case is of great importance to Ripple and its cross-border payment services, particularly in the United States market.
For more information on Ripple and XRP, check out our recommended resources, including a guide on buying Ripple (XRP), a tutorial on Ripple XRP wallets, and real-time XRP price updates.